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The Macroeconomic Effects of Oil Supply News: Evidence from OPEC Announcements
The American Economic Review, 2021 This paper studies how changes in oil supply expectations affect the oil price and the macroeconomy. Using a novel identification design, exploiting institutional features of OPEC and high-frequency data, I identify an oil supply news shock. These shocks
Diego R. Känzig
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Optimal Policy Under Dollar Pricing
Social Science Research Network, 2023 Empirical evidence shows that most international prices are sticky in dollars. This paper studies the policy implications of this fact in the context of an open economy model with general preferences, technologies, asset markets, nominal rigidities, and ...
K. Egorov, D. Mukhin
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Climate risks and realized volatility of major commodity currency exchange rates
Journal of financial markets, 2022 We find that climate-related risks forecast the intraday-data-based realized volatility of exchange-rate returns of eight major fossil fuel-exporters (Australia, Brazil, Canada, Malaysia, Mexico, Norway, Russia, and South Africa).
M. Bonato +3 more
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An Equilibrium Model of Global Imbalances and Low Interest Rates
, 2008 The sustained rise in US current account deficits, the stubborn decline in long- run real rates, and the rise in US assets in global portfolios appear as anoma - lies from the perspective of conventional models.
Ricardo J. Caballero +2 more
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Tariff Pass-Through at the Border and at the Store: Evidence from US Trade Policy
American Economic Review: Insights, 2019 We use microdata collected at the border and the store to characterize the price impact of recent US trade policy on importers, exporters, and consumers. At the border, import tariff pass-through is much higher than exchange rate pass-through.
Alberto Cavallo +3 more
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Central Bank Information Effects and Transatlantic Spillovers
Social Science Research Network, 2022 The news about the economy contained in a central bank announcement can affect public expectations. This paper shows, using both event studies and vector autoregressions, that such central bank information effects are an important channel of the ...
M. Jarociński
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A Preferred-Habitat Model of Term Premia, Exchange Rates, and Monetary Policy Spillovers
Social Science Research Network, 2022 We develop a two-country model in which currency and bond markets are populated by different investor clienteles, and segmentation is partly overcome by arbitrageurs with limited capital.
P. Gourinchas +2 more
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Exchange Rates and Economic Fundamentals: A Methodological Comparison of Beers and Feers
Social Science Research Network, 1998 This paper compares two approaches for examining the extent to which a country's actual real effective exchange rate is consistent with economic fundamentals: the FEER approach, which involves calculating the real exchange rate that equates the current ...
Peter B. Clark, Ronald MacDonald
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How Do Central Banks Control Inflation? A Guide for the Perplexed
Journal of Economic LiteratureCentral banks have a primary goal of price stability. They pursue it using tools that include the interest they pay on reserves, the size and the composition of their balance sheet, and the dividends they distribute to the fiscal authority.
L. Castillo-Martinez, R. Reis
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Inflation Differential Pass-Through to Exchange Rate: Some Evidence From Pakistan
SAGE Open, 2023 Using regression and wavelet coherence techniques this paper tries to probe the validity of purchasing power parity (PPP) in Pakistan. For this purpose, monthly data is collected for nominal exchange rate and consumer prices of Pakistan and its 23 major ...
Muhammad Zakaria +3 more
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